This article is deprecated and no longer accurate. Visit https://versatus.io/blog for Versatus updates and news.
We are beyond excited to introduce Versatus, a next-generation blockchain network built around a novel consensus mechanism we call Proof of Claim. The consensus mechanism gets its name from the Proof of Claim election algorithm, an extremely fast, scalable, decentralized election algorithm which powers miner elections, quorum membership and conflict resolution between proposed blocks.
Proof of Claim, as a consensus mechanism, has some significant advantages over other consensus mechanisms and election algorithms found in modern Layer 1s. Primarily, Proof of Claim is:
- Computationally Cheap
- Collision Proof
- Scalable
- Completely Decentralized
- Truly Permissionless
Versatus also implements an innovative block and transaction validation process to allow for high throughput of transactions in a completely decentralized environment, with arguably the highest degree of security among any blockchain network to date.
This is accomplished with our dual-scalability validation protocol and our Convergence DAG chain structure.
Versatus scales vertically with RAM on Validator nodes using a lock-free concurrency model called Left-Right, which dramatically increases local throughput.
Versatus scales horizontally via a Farmer-Harvester Parallel confirmation model, in which an unlimited number of Farmer quorums can form to vote on the validity of transactions, while a Harvester quorum collects votes, and proposes blocks of transactions.
The Versatus Chain is a rounds based convergence DAG. In each round, each harvester member can propose a block of validated transactions, and the elected miner for the round consolidates the proposal blocks into a single convergence block, resolving any conflicts between the blocks and sequencing transactions by causal order. This process has significant benefits in terms of time to finality and general throughput. There are also security benefits to this structure, as Convergence Blocks, once certified, and then referenced in the next (or future) round proposal blocks, cannot be altered, the DAG becomes officially “locked”.
The Versatus Smart Contract platform is also a major leap forward in performance, security, and arguably most important in the long-term sustainability of a Decentralized Compute Stack, developer experience. The Versatus smart contract platform is powered by unikernel container instances. We are completely changing the game. On other platforms, each node runs a smart contract execution engine. A singular, monolithic, one size must fit all Virtual Machine. Smart contracts are deployed, stored in state, and when interactions with the smart contract occurs, it is executed in the same runtime as all others. Versatus’s smart contract runtime is in stark contrast to this model. In fact, it’s not a single runtime at all.
Versatus takes a book out of the micro-services and Functions as a Services (FaaS) DevOps workflow the developer community is already familiar with from Web2. Instead of developers building to the specs of a single runtime, each smart contract is deployed as an unikernel image, with build instructions, which include its own dedicated runtime. Nodes then build the image, the built unikernel goes through consensus, and is then stored in state.
Think of a unikernel/libraryOS as a container on steroids. It takes the containerization abstraction to a whole new level. Instead of relying on host runtime, the container is the runtime, it just needs the hosts hardware.
Thanks to our virtualization platform being a unikernel, sometimes called a library OS, the libraries necessary to run any program are included in the build. This enables developers to build in higher level languages such as Python or Java, in web languages such as JavaScript and Typescript, as well as other Web3 languages such as Solidity and Move. And of course, lower level languages such as C/C++, Rust, Go, etc.
These unikernels can boot, execute and shutdown in milliseconds (depending on what exactly is being executed), and are designed for short executions with return values. Decentralized computation may just be the perfect use case for this technology, first presented in the 1990s in this paper. The lower the level and less libraries required in the build, the faster the boot and execution is. If speed is of the utmost importance, smart contracts can even be built directly in assembly.
The options are limitless, and left in the hands of the developer. Thanks to asynchronous smart contract execution (separation of the compute component from consensus) of the Versatus network, if executions need more time to complete they can (albeit for a higher fee and up to a certain limit). Instead of having to worry about learning how to use a whole suite of devtools, just Build, Ship, and let the nodes in our network orchestrate and run your smart contracts. Yes devs, you now have flexibility in Web3.
The above is just the tip of the iceberg when it comes to innovations and benefits of the Versatus Protocol, and to learn the full technical details you should check out our whitepaper, currently available our the website and will soon be available more broadly via scholarly publications. Stay tuned for more.
We get asked some variant of the following, a lot:
“There are a number of Decentralized Compute Stacks, why do we need another one?”
There are a limitless number of motivations for our team to build a new Decentralized Compute Stack, but the three primary are:
- Scalability is key as Web3 adoption continues to grow, which it will. When Web3 adoption reaches its full potential, 1 billion+ daily users will interact with public blockchain networks. This technology will permeate society at large, and in order to handle such traffic, a robust scalable network is absolutely key. The internet flattened the world and accelerated global economic cooperation. However, ownership, efficient community governance, censorship-resistance, and other features important to a free and prosperous world were missing from the internet. Web3 addresses these core issues. We are confident that Versatus will serve as one of the catalysts for the Web3 big-bang moment.
- The developer experience needs to improve, significantly. Web2 Developers and other programmers face an uphill, friction filled battle when trying to make the move to Web3. First and foremost, the most popular programming languages in the world are either impossible to write smart contracts in, or where they are enabled, the SDK and developer tools available make the developer experience miserable. Open source should not mean a lack of support and education. Decentralization, if anything, should lead to more not less resources and tools. Unfortunately, due to the nature of the compute component of popular Layer 1 blockchains, it is unclear that this will ever change without a new platform. Versatus goes straight at the heart of this issue with our unikernel smart contracts. This enables developers to build decentralized programs in the language of their choice, eliminating one of the largest hurdles developers face when deciding whether or not to take the leap to Web3.
- The bifurcation between the crypto economy and the legacy economy needs a bridge, soon. The Versatus vision is not one in which there is “crypto” and the rest of the world. We believe the two are and should be inseparable. The benefits of blockchain technology and cryptocurrency, tokenization, trustless transactions, both financial and compute, are limitless. The ability to reduce insurance & credit card fraud, title and identity theft, the ability to distribute brand ownership and benefits, enhancing the usability of loyalty rewards, creation of custom communities, self-ownership of your own data, elimination of middle-men from financial services and more are all not only enabled by this technology, but is long overdue. The global economy is entering the next revolution, and it will be powered by public blockchain networks. To make that happen, we need you, the community, to join and help us bring our vision to fruition.
Don’t be shy, join the journey and help us sprint, full-speed, into the future.
“When we ask ‘How do we find the next billion users?’ we are putting the cart before the horse. Before billions of active users, we need a million plus active developers” — Andrew N. Smith, Founder of Versatus Labs
So what can you do to help?
This is our “Hello, World!” moment. Versatus’s Limited Beta Testnet will be launching sometime between late March and early June. We encourage you to get in touch and join our community. Whether you’re looking to contribute to the protocol, build applications on the chain, run a node, or just want to help promote the benefits of Versatus, join our Telegram channel, Discord server, follow us on Twitter, visit our Website to follow along and stay in touch!
